Information  X 
Enter a valid email address

Elementis PLC (ELM)

  Print      Mail a friend       Annual reports

Friday 06 December, 2002

Elementis PLC

Completion of Chromium Acquisition



PRESS INFORMATION
6 December 2002
ELEMENTIS plc ANNOUNCES COMPLETION OF CHROMIUM ACQUISITION
Elementis is pleased to announce that the acquisition of the chromium chemicals business of US based Occidental
Chemical Corporation, OxyChem completed today. As previously announced the acquisition was made for an initial cash
consideration of $40 million and up to $6 million in deferred consideration contingent on future performance.
The former OxyChem operation at Castle Hayne, North Carolina now becomes Elementis Chromium's primary US operation
producing dichromate and chromic acid to serve the North American market.
Work is now progressing on the smooth integration of operations with emphasis on high standards of customer service and
driving cost savings. Elementis believes that the acquisition and integration of OxyChem's chromium chemical business
will generate significant cost savings through optimising operations, reducing overhead and procurement costs and
obtaining supply chain benefits. As previously announced, annualised cost savings of at least £10 million will be
generated during the first two years. One-time cash costs of restructuring the combined business are estimated to be
£4 to £5 million in 2002.
- Ends -

Enquiries                                                                   
Elementis                                                01784 224212        
Brian Taylorson       Finance Director                                       
Anna Passey           Head of Corporate Communications                       

Brunswick                                                020 7404 5959       
Andrew Fenwick                                                              
Chi Lo